Ensure that the Post Install steps to set up Asset Insurance QuickCodes have been carried out

Enter asset information

Enter suppliers in Oracle Payables with a supplier type of Insurance Company

Set up Asset Price Indexes, if required

Set up Insurance Category QuickCodes, such as Fire, Storm, Theft

Set up Hazard Class QuickCodes

To enter insurance information for an asset:

1. Navigate to the Asset Insurance window (Localizations: Asset Insurance). The Find Assets window appears.

2. Choose the asset book and asset that you want. The Asset Insurance window appears.

3. Navigate to the Insurance Company region.

4. Enter the insurance company name in the Insurance Company field.

5. Enter the supplier site for the insurance company in the Site field.

6. Enter the company address in the Address fields.

7. Navigate to the Policy region.

8. Enter the insurance policy number in the Policy Number field.

9. In the Insured Amount field, enter the amount for which the asset is insured under the insurance policy. The information in this field is for reference only and is not used in Oracle Assets calculations.

10. In the Calculation Method field enter the method of calculation to use for this asset insurance:

Value as New - the base insurance value, which can be indexed annually

Market Value - the current market value, calculated as the base insurance value less depreciation

Manual Value - a value you enter manually. This calculation method allows you to update the Current Value field.

11. The Current Value field displays the current insurance value of the asset, calculated automatically. This is a display-only field unless you chose the Manual Value calculation method.

The value displayed depends upon the calculation method:

For Value as New, the value displayed is the indexed base insurance value. This value may also be updated to account for transactions such as additions or retirements that affect the asset value.

For Market Value, the value displayed is the indexed net book value of the asset (original cost less depreciation). This value may also be updated to account for transactions such as additions or retirements that affect the asset value.

For Manual Value, the value displayed is updateable. If you enter a maintenance year for the asset in the Base Index Date field, indexation of the manual value begins with this year.

12. In the Base Index Date field, enter the year that is used as the base year for indexation. Enter one of the following:

For new assets, enter the date the asset was placed in service

For assets purchased second-hand, enter the original date of construction of the asset

For Manual Value calculation method, enter the maintenance year. This represents the year the optional indexation of the manual value commences

13. In the Base Insurance Value field, enter the base insurance value of the asset as defined in the insurance policy. Enter one of the following:

For new assets, Oracle Assets displays the current cost of the asset. You can overwrite this default with another value.

For assets purchased second-hand, enter the original construction cost of the asset

14. In the Insurance Index field, enter the name of the price index that is used to calculate the annual adjusted insurance value. The Last Indexation Date field displays the date that the indexation process was last run.

15. Press the Lines button to display insurance policy line information.

16. In the Line field, enter the insurance policy line number for the category of insurance covered by the policy.

17. Enter the insurance category in the Insurance Category field.

18. In the Hazard Class field, enter the hazard class assigned to this policy line.

19. Enter any additional comments in the Comments field.

20. Save your work.